Condor Energies' K-45 tests 5.3 MMscf/d for seven h

Executive Summary

• Condor Energies Inc. reports successful well testing and drilling results from its Uzbekistan gas development projects, specifically the Kumli-45 vertical well and the Andakli-21/23 horizontal wells.
• The Kumli-45 well achieved a stabilized flow rate of 5.3 MMSCF/d (883 boe/d) with exceptional reservoir quality (16% average porosity, streaks >20%) and near-virgin pressure (2,896 psi), validating a new structural interpretation of the Kumli NW field.
• The company plans to expand production by drilling four horizontal wells from the Kumli NW pad in 2026 and performing acid stimulations on Andakli-21 and Andakli-23 to enhance productivity.

Key Details

• Kumli-45 Well Results:
  • Drilled to a total depth of 2,410 metres.
  • Encountered 19.9 metres of net carbonate reservoir in four separate intervals.
  • Reservoir quality exceeded expectations with an average porosity of 16% and streaks exceeding 20%.
  • Three reservoirs were perforated and acid washed.
  • Single-rate well test conducted at a stabilized flowing rate of 5.3 MMSCF/d (883 boe/d) through a 1/2-inch choke at 1,053 psi flowing tubing pressure for seven hours.
  • Sandface absolute open flow rate estimated at 7.1 MMSCF/d (1,183 boe/d).
  • Preliminary condensate-to-gas ratio: 5.6 barrels per MMSCF.
  • Initial reservoir pressure estimated at 2,896 psi, indicating near-virgin pressure conditions.
  • Well located on the western half of the Kumli northwest field.
• Kumli-45 Future Plans:
  • Expected to be placed on production later this month.
  • Company plans to drill four additional horizontal wells from the same pad: two targeting the primary reservoir and two targeting a deeper reservoir.
  • Matrix acid stimulation is in planning stages to potentially increase flow rates.
• Andakli-21 Status:
  • Reached total depth of 3,456 metres, including a 1,279-metre open hole lateral section (record for longest horizontal drilled in Uzbekistan).
  • Reservoir quality exceeded expectations with up to 12% visible porosity in the lateral section.
  • Rig moving off; acid stimulation of the lateral section planned to remove drilling fluid invasion and enhance productivity.
  • Expected to be brought onto production later this month.
• Andakli-23 Status:
  • Lateral section to be acid stimulated, tested, and brought online in March 2026.
• Strategic Context:
  • Results validate the accuracy of reprocessed 3-D seismic data and a new geological model identifying a previously unidentified large structural four-way closure (Kumli NW).
  • Primary pay section appears dolomitized, enhancing porosity and permeability.
  • 2026 drilling campaign to focus on Kumli NW structure with four horizontal wells from the existing pad and up to five horizontal and one vertical well from a neighbouring pad.
  • Horizontal wells are expected to produce at two to four times the rate of vertical wells.

Notable Quotes

• Don Streu, President and CEO: "Although the Kumli field was discovered in 1999... the northwest limit of the field had only two wells that encountered the edge of the structure that K-45 drilled. Using Condor's reprocessed 3-D seismic data, an alternate structural interpretation was internally generated and indicated the presence of a previously unidentified, large structural four-way closure, Kumli NW."
• Don Streu, President and CEO: "Of special note is that the primary pay section appears to be dolomitized... enhancing reservoir porosities and permeabilities, and can potentially increase reserves volumes and production rates. This is likely why we have encountered exceptional porosity streaks that exceed 20 per cent and have contributed to the strong test flow rate."
• Don Streu, President and CEO: "We are very pleased that K-45's high reservoir pressure is much greater than the surrounding producing wells, which indicates a larger undrained area than previously modelled. The K-45 well results also validate the accuracy of our 3-D seismic data set and the corresponding geological model."
• Don Streu, President and CEO: "Given the encouraging K-45 preliminary test results and reservoir properties and that horizontal wells often produce at two to four times the rate of vertical wells, we are very keen to execute the 2026 drilling program to materially grow reserves and production."